St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-05-29
THE CHICAGO MARKET.
Yesterdays Ups and Downs ON the
Board of Trade.

Special to the Globe.
CHICAGO, May 2s.-The June option
OF wheat was protected this morning.
The clique brokers were not doing much,
but they were in the pit and were
watching. Gossip was scarce, but the
point was that June would soar within
day or two. Perhaps it was that point
which made buyer of Leopold Bloom.
The July option was easing at S515(0S6
cents, the lowest point since the option
touched SS cents. The opinion is quite
general among those who are familiar
with the speculative situation that the
June option will simply be held steady,
about IS cents. There is no profit for
the wheat brought here from Minneapo-
lis, While there are traders who declare
tnat they had rather pay losses to rail
road companies than to the clique.
That sort of talk does not count
except for the moment while
it is being delivered. Wheat held
elsewhere is earning big income for its
holders in either the storage it is paying
or by some other method, and will not
be brought here at a loss, if there is any
other way of getting out of short con-
$1,000 bushels, were disappointingly
small. A letter from Minneapolis said
that Armour had two of his men up
there, one his confidential man Valen-
tine and another a grain inspector.
they had bought wheat, the letter said,
to ship to Chicago, and there was about
$4,000 bushels which was controlled by
the Chicagoan and which it was eX-
pected would be shipped. One strange
feature OF the visit, however, was that
Valentine had bought No. hard for
June, for which he had paid price that
would not allow of its profitable Ship
little shaky for the first hour of the
trading. The whole crowd, led by Linn,
Bloom and Ream, were sellers of July.
Under this pressure this option dropped
cent. Business at New York stopped at
II o'clock, but the short session dis
patches said there had been an active
demand from exporters and that twenty
three boat loads had been taken. Here
there was great lot of bear news and
it made the outside holders very un-
steady. As for the clique, however,
they took in the situation very phllo-
Sophicallly. They had enough brokers
in the pit bidding SO cents for June to
have held that option against any on
slaughts from the whole floor, but the
truth is that there were very few at
tackS on the near option. The contest
is now admitted to be largely one of en-
durance. The big shortage is from the
rich carriers, who, perhaps, have a
great deal of wheat scattered around
the West, against which they originally
made their sales at low prices. They
threaten to bring this wheat in here.
Fer@instance, Diamond Jo'' is supposed
+, to be short 100000 bushels of wheat;
Linn 250,O00 bushels; Dwight 250,0o0;
G. l.. Hutchinson 100000 bush
els; Rosenbaum Bros. 100000
Minneapolis perhaps 100000 bushels,
New York perhaps 100000 bushels.
These sales have been hedges in great
many instances, but hedges which Just
now are not of service. For instance,
Diamond JOS wheat would not be GER
tain to grade here, neither would very
large share of the other grain at Joliet,
Minneapolis and Western points. If
brought here it is at loss on the face,
and not to grade would mean still
more serious loss. This indicates that
there are two sides to the whole strug-
gle. The clique will need to pay for
perhaps 100000 bushels of cash wheat,
two-thirds of it already bought at prices
under the present figures. The big
shorts in the next week will undoubtedly
swell the grain receipts here to figure
to amaze the uninitiated. Whether OF
not it will alarm the clique remains to
be seen. 1t will at any rate be an inter-
esting contest of heavy weights-inter-
eStlng to the nOn-cOmbatantS.